Autonomy Founder Starts Website to Combat Fraud AllegationsBy: Sean Patterson - December 4, 2012
Autonomy founder Mike Lynch has been outspoken since HP leveled accounting fraud allegations against his former company. The executive, who left Autonomy earlier this year, has denied any wrongdoing and has shot back at HP, stating that mismanagement and infighting between HP divisions is responsible for the company’s massive value loss.
Now, Lynch has created a website, AutonomyAccounts.org, to be his and other former Autonomy management’s home base for combatting HP’s allegations. The site states that it is to provide “relevant information” pertaining to the disagreement and that the former management team of Autonomy “strongly rejects” HP’s allegations. From the website:
This site is designed to be a public point of contact for Dr Mike Lynch and other former managers at Autonomy with the wider world. It will contain information about Autonomy and any public statements made on behalf of the former management team related to these issues.
The Autonomy team are committed to providing clear and transparent information during this process, and would like to see the issue resolved as quickly as possible.
Lynch has already posted a short statement from former Autonomy management and an open letter Lynch wrote to HP. The statement again denies the accounting fraud allegations and calls them “false.” The open letter challenges HP to reveal the evidence it has against Autonomy. HP responded to Lynch’s letter, stating that it will let legal system sort the situation out, but that it looks “forward to hearing Dr. Lynch and other former Autonomy employees anseer questions under penalty of perjury.”
The Autonomy allegations came as HP announced last month it would be taking an $8.8 billion impairment charge, $5 billion of which is related to “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy. HP bought Autonomy in 2011 for $10.2 billion. HP shareholders have filed lawsuits against just about everyone involved in the purchase of Autonomy.